Emmvee Photovoltaic Power is set to launch its initial public offering (IPO) on Tuesday, November 12, 2025. The IPO has been valued at ₹2,900 crore, with a price range established between ₹206 and ₹217 per equity share, each with a face value of ₹2.
This offer consists of a fresh issue of equity shares totaling up to ₹2,143.86 crore and a secondary sale of shares worth ₹756.14 crore from existing shareholders, including Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. Alongside Emmvee, the IPO of PhysicsWallah will also debut on the same day at Dalal Street.
As of June 30, 2025, Emmvee reports a solar photovoltaic (PV) module production capacity of 7.80 gigawatts (GW) and a solar cell production capacity of 2.94 GW. The distribution of shares in this IPO will see 75% allocated to Qualified Institutional Buyers (QIBs), up to 10% for retail investors, and a maximum of 15% for non-institutional investors (NIIs). Additionally, 5% of the QIB allocation will be specifically reserved for mutual funds.
According to the company’s red herring prospectus, a significant portion of the net proceeds is earmarked for the repayment or prepayment of various outstanding borrowings and associated interest, which totaled ₹2,496.38 crore as of September 26, 2025.
Emmvee intends to enhance its production capabilities by adding 2.50 GW of module production capacity at its forthcoming manufacturing Unit VI in Sulibele, Bengaluru, Karnataka, slated to commence operations in fiscal 2026. Furthermore, plans are in place to introduce an additional 6.00 GW of integrated solar cell and PV module production capacity at ITIR Phase II in Bengaluru, anticipated to be operational in the first half of fiscal 2028.
The lead managers for the IPO include JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company.
Published on November 10, 2025.
